Hi Everyone!!
Just a little worry of mine that I need to address.
So I passed level 1 December 2016 on my first try (Yay!) but am planning on writing level 2 in June of 2018. Due to the gap of time, I’m getting worried about forgetting level 1 material and struggling on level 2. I did fairly well on level 1, and come from an economics and finance background with a bit of accounting, but I’m still concerned that the more intricate parts of level 1 will need to be re-learned.
If anyone has had a similar experience or if you have any tips on overcoming this big gap of time please let me know what my best bet is with getting ready for level 2.
Thank you,
Lucas
Everything in L2 will be taught as needed. Don’t really need to fully remember L1.
As someone who is studying for L2 now, I can tell you with certainty that any L1 topics you need to build upon are addressed in the curriculum before the additional stuff.
Band 9 guy here,
my friend who passed all three levels in one shot said it the best: “are they gonna test you on SPECIFIC, GRANULAR material from level 1??? No. However, do you need to know the underlying concepts from level 1 to have a chance at level 2? Yes”
frankly, having taken the exam last year, this was exactly my experience as well. For instance, at level 1, we learn that bond values and interest rates are inversely correlated…when IRs go up, bond prices go down. that is a fundamental concept of the fixed income mkts. Do they EXPLICITLY REMIND YOU at Level 2 that bonds go up when IRs go down??? No, they dont. Do they EXPLICITLY REMIND YOU that FIFO has higher ending inventory in rising environments? No, they dont. Do they EXPLICITLY REMIND YOU that price elasticity of demand affects luxury goods more? No, they dont…they expect you to just “know” that fundamental finance stuff from level 1.
thats the point im trying to make: while they dont expect you to remember the nitty-gritty GRANULAR level one stuff, they do expect you to have some idea of what you learned at level 1, because theyre building on all of it at level 2.
Wow thanks for all the responses everyone!! I’d say I have a firm understanding of the basics, and made sure to not actually memorize anything but truly learn it, so I guess in that sense and based off what you guys are saying I should be fine. So thanks a lot for calming my nerves!
Best of luck everyone this June! Stay level headed and kill this exam!